Grundy Reporter

Grundy County's property assessment equalization factor for 2024 has been set at 1.0000, according to David Harris, director of the Illinois Department of Revenue. This factor, also known as the "multiplier," ensures uniform property assessments among counties in Illinois.

The process of equalization is key for local taxing districts that overlap multiple counties, such as school districts and fire protection districts. Without it, disparities could arise among taxpayers with similar properties. Illinois law mandates that properties be assessed at one-third of their market value, though farmland follows a different assessment method.

For Grundy County, the assessments are based on property sales from 2021 to 2023, with assessments at 33.31% of market value. The final multiplier for 2024 was announced following a public hearing. The tentative factor, issued on December 11, 2024, was also 1.0000.

The determination of the equalization factor involves comparing the prices of properties sold over three years to their assessed values. If the average assessment aligns with one-third of the market value, the factor is set at one.

Changes in the equalization factor do not necessarily affect overall property tax bills. These are determined by local taxing authorities based on their funding requests relative to the preceding year. Thus, even if assessments rise, taxes may not, provided the requested amounts do not surpass those of previous years.

The individual's portion of the tax burden is defined by their property’s assessed value, remaining unaffected by the multiplier.